Teamsters Report Write‐Off of Loss For Pension Fund

CHICAGO, Jan, 22 (UPI)—The principal pension fund of International Brotherhood of Teamsters has written off about $118 million in potential investment losses in the last two years as a result of the depressed real estate market, a Teamsters spokesman said today.

Actual losses on the Central States, Southeast and Southwest Areas Pension Fund's mortgage investments should be considerably less and there may even be no losses, Robert Billings, the fund's public relations director said.

According to documents filed with the Labor Department, the biggest writeoff, $68 million, occurred in the reporting period from Feb. 1, 1974, to Jan. 31, 1975. Another $50 million was written in the year ending last Jan. 31.

A fund official said the writeoffs resulted from a reappraisal of most of the pension fund's investment portfolio.

The United States Justice and Labor Departments have been investigating the fund after reports of questionable real estate investments, some linked to orgasized crime, had been made.

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A version of this archives appears in print on January 23, 1977, on Page 13 of the New York edition with the headline: Teamsters Report Write‐Off of Loss For Pension Fund. Order Reprints|Today's Paper|Subscribe